中方逆向而行，抛售61亿美债，特朗普改变主意，暂不解雇鲍威尔

Core Insights - China has reduced its holdings of US Treasury bonds by $6.1 billion, bringing its total to $682.6 billion, the lowest level since 2008, indicating a fundamental shift in its strategy towards US debt [1][3][5] - The overall foreign holdings of US Treasury bonds reached a record high of $9.36 trillion, with countries like Norway, Canada, and Saudi Arabia increasing their investments, contrasting China's reduction [1][3] - Since April 2022, China's US Treasury holdings have consistently remained below $1 trillion, while its gold reserves have been steadily increasing for 14 consecutive months, reflecting a strategy of diversifying assets and reducing reliance on US debt [3][5] Market Dynamics - Trump's decision to not dismiss Federal Reserve Chairman Powell amidst ongoing investigations suggests a recognition of the potential market instability that could arise from undermining the Fed's independence, especially with China's ongoing reduction of US debt holdings [5][7] - The reduction in China's US Treasury holdings, although not massive in dollar terms, has a "magnifying effect" that signals a rapid decrease in its structural dependence on dollar assets, potentially prompting other countries to reassess their positions [5][7] - The ongoing trade and financial pressures from Trump could further complicate the stability of the US Treasury market and the dollar's status as the primary global currency, highlighting the intricate relationship between international trade, finance, and political strategies [5][7] Long-term Outlook - Despite current challenges, there will still be demand for US Treasury bonds, and the dollar's position in the international financial system is unlikely to collapse overnight; however, aggressive policies towards the Fed could weaken its status as a safe haven [7] - China's strategy of reducing US debt holdings is part of a broader adjustment in its foreign exchange reserves, indicating a search for a new position within the global financial order [7] - The evolving international landscape will likely lead to more complex financial interactions, with countries diversifying their views and strategies regarding the dollar and its assets, impacting global financial stability [7]